James Portman Webster’s Answers

I won't resist my impulse. Here is why the other attorney seems so harsh: if this is a problem you felt like you must bring to this forum, you are in trouble. There are much more difficult questions that require a lot more thought than this question. He is trying to express to you the need for you finding help to prevent any future avoidable headaches. The truth is you don't have any equity to exempt. But that is not the end of the question. This decision can have ripple effects on the...

If you have certainty of upcoming medical bills, you should to wait to file bankruptcy. You only get one get out of jail card every 8 years. Use it wisely. Best of luck.

Your feelings are correct - what good would a homestead be if any credit would get access to it. As a side note, the IRS can get to your homestead. You did not mention this issue, but it could be out there.

I don't even know how you could make a statement like attorney fees make your plan unfeasible. If attorney fees make your plan unfeasible, then your plan is probably not going to work anyway. The only reason attorneys can keep helping people is due to them saving the clients money and time. Otherwise, we would not make any money. Instead of viewing attorneys as greedy, maybe you should consider the role they play for you - like knowing how to fill out the schedules and forms. Either way,...

If your paperwork was done correctly, you don't need to add your mortgage. As for saving your home, this is a different question. If you can pay back the lender on terms your lender will accept - you could be fine. Try going to www.azhousing.gov and see if you qualify for one of their programs. Best of luck. Jim Webster www.jpwlegal.com 1845 S. Dobson Rd. Ste 201 Mesa, AZ 85202 (480) 464-4667 Jim@jpwlegal.com We are a debt relief agency. We help people file for relief...

If you pay the interest, then you get the interest deduction. Home ownership will not change. Just your liability changes. Good luck. Jim Webster www.jpwlegal.com 1845 S. Dobson Rd. Ste 201 Mesa, AZ 85202 (480) 464-4667 Jim@jpwlegal.com We are a debt relief agency. We help people file for relief under the Bankruptcy Code.

Yes. The paperwork gives them a security interest in the property. We have a certain way we deal with them and it works fairly well. Good luck. Jim Webster www.jpwlegal.com 1845 S. Dobson Rd. Ste 201 Mesa, AZ 85202 (480) 464-4667 Jim@jpwlegal.com We are a debt relief agency. We help people file for relief under the Bankruptcy Code.

Bankruptcy only addresses liability. It does not change ownership. You own the property. If you walk away, it will affect your ability to buy a home in the future because the mortgage will report that it took the house back in 2012 by foreclosure. Talk to a mortgage broker and ask them the best way to address the issue. They will be the one who will be trying to get a loan and they can give the best idea of what banks want.

I am not a CA attorney but I believe it is an anti-deficiency state. Meaning, if the money went to buy the house and you meet the other qualifications, then you can never be sued. This is why you need a California attorney to help. The easy answer is to ask your mortgage company their intentions if it is not signed. There is also a good chance that the agreement will not be approved by the court. Once again, get an attorney. Jim Webster www.arizonabankruptcyatty.com 1845 S....

If you did not reaffirm the debt, it is true you can walk away. Negative unintended consequences can include a drop in your credit score and HOA fees (after filing) that are not paid or fines accrued after filing. They can sue and it would be a post-petition debt. Plus with the foreclosure being now and not when you discharged the debt, it may change the time lines in which you can purchase another house. Talk to a mortgage broker if this is an issue. Good luck.